9911796707
TMI Blog2024 (9) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... LD THAT:- As decided in Jamsetji Tata Trust [ 2014 (5) TMI 890 - ITAT MUMBAI ] disbursal of loan scholarship to students in India for study overseas as application of income for charitable purposes in India. As the facts and circumstances of the instant case are identical to the facts of decisions relied upon by the Ld. CIT(A) therefore, we uphold the order of the CIT(A) on the issue in dispute. The grounds of appeal of the Revenue are accordingly dismissed. - SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SUNIL KUMAR SINGH (JUDICIAL MEMBER) For the Assessee : Mr. Sukhsagar Syal/Atual Suraiya For the Revenue : Ms. Rajeshwari Menon, Sr. DR ORDER PER OM PRAKASH KANT, AM This appeal by the Revenue is directed against order dated 13.03.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The trust filed its return of income on 27.09.2012 declaring Nil total income after claiming exemption u/s 11 of the Act. The return filed by the assessee was selected for scrutiny and statutory notices under the Act were issued and complied with. While computing the exemption u/s 11 of the Act , the Assessing Officer disallowed application of income towards loans given as scholarship to various students for higher education abroad aggregating to Rs.3,47,50,026/-. 3. On further appeal the Ld. CIT(A) following the decision of the Co-ordinate Bench of the Tribunal in the case of Jamsetji Tata Trust v. Jt. DIT (Exemption) [2014] 44 taxmann.com 447 (Mumbai-Trib.) deleted the disallowance and directed to grant exemption u/s 11 of the Act in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given to the Indian Students in India for education/higher education abroad fulfills the conditions of application of money for such purpose in India. The appellant has also submitted that the Hon'ble ITAT while delivering this judgment has clearly held that the facts in the case of National Association of Software and Services Companies which was relied upon by the AO were distinguishable. The relevant part of the Judgment of the Hon'ble ITAT is as under: 10.5 We have considered the rival submissions and perused the relevant material. The assessee has given grant to 97 scholars studying in various institutions and universities outside Indian and the total amount of grant is Rs. 1,53,50,000/. The assessee paid the grant in India an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l question is only whether the conditions in section 11 are complied with. That section states that the income derived from property held under trust wholly for charitable purposes shall not be included in the total income to the extent to which such income is applied to such purposes in India. The question is whether this section requires the application of money in India or the carrying out of the purposes in India or both. The contention of the revenue is that apart from the money being spent in India even the purpose must be carried out in India. The section itself contradicts this contention. Section 11(1)(c)( ii) provides that income applied to such purposes outside India is exempt in the case of trust created before 1-41952 subject t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
